TMG E-CUBE set to impact UK tyre market following pandemic lockdown
Netherlands based TechnoMarketing Group (TMG) is working towards the introduction of its E-CUBE mobile tyre servicing equipment in the UK. The system is already firmly established in many countries throughout Europe and in North America. It is designed as the next generation in versatile and safety when changing a tyre at a customer’s home or workplace.
GRI ‘privileged’ to continue pivotal role in food supply chain
Agility and rapid responsiveness are important for GRI, and the company believes these qualities set it apart within the specialty tyre manufacturing industry. It shares that the firm has “been ahead of other companies in the industry” facing the current COVID-19 situation thanks to the very proactive and far-sighted actions of its senior management.
In light of the Covid-19 pandemic, Pirelli has launched a new package of virtual training initiatives for its dealers and their salesforce. From mid-March, tyre dealers and Pirelli employees have been able to take part in new online training sessions, adding to the existing technical e-learning programme from Tyrecampus and Pirelli’s own internal Commercial Academy. The goal is to construct a new way of working with customers, which will to some extent shape how the tyre market works in future.
Production at the Nokian Tyres’ Russian factory in Vsevolozhsk re-launched on Monday 6 April 2020. According to the company, the restrictions adopted by the the Russian presidential decree dated 2 April 2020 extending the "non-working regime' until the end of April, do not apply to Nokian’s Vsevolozhsk factory. This is said to be because “as it is a continuously operating enterprise…it is thus allowed to continue normal operations”.
JATO Dynamics, which provides global automotive data, has David Krajicek as its CEO, effective 13 April 2020. Dr Krajicek has over 25 years’ experience. He joins from GfK where he had been at the helm as CEO of GfK Research since 2017.
Auto industry will look to China for rebound insights – GlobalData
As the Chinese Government announces it will maintain subsidies for electric vehicles and plug-in hybrids, an indication that it will support the industry in recovery, David Leggett, automotive analyst at GlobalData, says "all eyes will be on China, being the first country hit by the crisis and the first to attempt to navigate a way out."
Cooper Tires extends North America production pause
Cooper Tire & Rubber Company announced on Friday that its tyre manufacturing plants in North America will remain shuttered for at least another two weeks. The company began closing down its Findlay, Clarksdale, Tupelo and Texarkana facilities in the USA and El Salto plant in Mexico on 21 March and intended to shut them down for two two three weeks. It says the production pause is being extended both to protect the health and safety of employees and as a response to decreased market demand. Cooper will continue to closely monitor the situation and adjust timing as necessary.
No 2019 dividend, updated 2020 guidance: Pirelli strives to mitigate COVID-19 impact
The Board of Directors of Pirelli met last Friday to take stock of the COVID-19 crisis and its detrimental effect upon global economic outlook. During the meeting, they decided the scenario that forms the basis of the 2020-2022 Industrial Plan, which Pirelli presented on 19 February, no longer applies. The Board has therefore decided to reformulate Pirelli’s targets for 2020 “in light of the elements available today” and has also cancelled the distribution of dividends for 2019 for the time being and revised its 2020 renumeration policy.
Michelin’s managing partners, the executive committee as well as the chairman and independent members of the supervisory board have agreed to reduce their remuneration. The announcement comes in the context of the coronavirus crisis that has caused a noticeable slowdown in the activities of the Michelin Group and which has led to some employees having to undergo partial unemploym
Coronavirus stunts Nokian Tyres’ dividend – for now
Nokian Tyres has announced a dividend of 0.79 euros per share for the 2019 financial year, paypayble 17 April 2020. In addition, the company’s Board of Directors is authorised to approve an additional dividend payment of up to 0.79 euros per share “at a later stage when Nokian Tyres is able to make a more reliable estimate on the impacts of the COVID-19 to the company’s business.” This authorisation is valid until the company’s next Annual General Meeting.
A new strategic partnership between Toyo Tire Corporation and automotive component manufacturer JAOS Corporation aims to increase the value of both brands within the SUV and 4x4 sector around the world. The two Japanese companies will collaborate in marketing activities and leverage their aggregate knowledge gained through joint participation in motorsports events and original product testing.
Michelin intends to reduce the dividend it pays shareholders for 2019. The tyre maker has outlined its decision, taken “in a commitment to optimally balance the interests of all its stakeholders”, to reduce the amount of the proposed dividend from the initially-announced 3.85 euros to 2 euros. Payment is scheduled for 3 July 2020.